Ford, Geely Form 66-34 EV Venture at Spain Plant, Targeting 2028 Output
Updated
Updated · CNBC · Jul 23
Ford, Geely Form 66-34 EV Venture at Spain Plant, Targeting 2028 Output
3 articles · Updated · CNBC · Jul 23
Summary
Ford and Geely said their new manufacturing joint venture will build electric vehicles at Ford’s Valencia plant, pending approvals, with operations due to start in the first half of 2027.
The first new EVs are scheduled to roll off the line in 2028, while the Spanish factory continues producing the Ford Kuga in the interim.
Ford will own 66% of the venture and Geely 34%, formalizing months of talks as Ford leans on partnerships to strengthen its global EV position.
The deal also highlights Chinese automakers’ push into overseas markets, landing a day after a U.S. Senate committee advanced tougher restrictions on Chinese carmakers entering the U.S.